💥
$GMX HACKED FOR $42M – TOKEN TUMBLES 20% IN HOURS! 💥
On July 9, 2025, DeFi platform GMX was hit by a $42 million hack, causing the token to plunge from $14.42 to $10.30 in a single day. The attack targeted GLP liquidity pools on Arbitrum, shaking confidence across the DeFi space.
🔍 What Went Wrong?
Hackers found a loophole in the GLP pricing logic, letting them drain millions. GMX quickly paused all trading on Version 1. Version 2 remains safe and unaffected.
💰 GMX is offering a $4.2M bounty to the attacker if they return the stolen funds—no legal action promised.
📉 What Traders Need to Know:
• Expect wild volatility
• Sharp bounces may offer short-term trades
• If funds are returned, a rebound is possible
• Long-term trust depends on how GMX responds
⚠️ The DeFi community is shaken—some praise GMX's fast response, others demand better security audits.
This is a DeFi wake-up call. Stay sharp. DYOR always.
#GMX #CryptoHack #DeFiAlert #ArbitrumNews #BinanceUpdate